Exercise $5-26($Algorithmic$)($LO$.1,2)$

Jarrod receives a scholarship of $$38,800$ from East State University to be used to pursue a bachelor's degree. He spends $$23,280$ on

tuition, $$1,940$ on books and supplies, $$7,760$ for room and board, and $$5,820$ for personal expenses.

How much may Jarrod exclude from his gross income?

$

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If an income item is within the all$-$inclusive definition of gross income, the item can be excluded only if the taxpayer can locate specific authority

for doing so$.$